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Internet of Things Market Revenue, Major Players, Consumption Trends, Analysis and Forecast to 2030 – IndustryARC

Market Research Reports, Business Advisory Services and Analytics

The global Internet of Things market size is expected to reach US$280 billion by 2027, growing at a CAGR of 15% from 2022 to 2027.

HYDERABAD, TELANGANA, INDIA, Sept. 2, 2022 /EINPresswire.com/ — The global Internet of Things market size is expected to reach $280 billion by 2027, growing at a CAGR of 15% from 2022 to 2027. The Internet of Things (IoT) consists of web-enabled smart devices that use embedded systems, such as processors, wireless sensor network, and hardware devices, to collect, send, and act on information. data they acquire from their environments. These technologies use Internet Protocol, Bluetooth, Wi-Fi and other networks for communication. A growing share of IoT devices are being created for consumer use, including connected vehicles, home automation, wearable technology, connected health, and devices with remote monitoring capabilities. Factors such as increasing demand for automation and remote control, increase in big data for data management, increase in cloud computing platform research, artificial intelligence and machine learning automation and the growth of government projects for smart cities and 5G technologies are fueling the growth of the market.

Key points to remember:

This IndustryARC report on the Internet of Things market highlights the following areas –

1. The software segment held the largest market share of 40% in the Internet of Things market. This is due to the growing application of artificial intelligence, machine learning and cloud computing, which is driving the demand for software solutions.

2. The manufacturing and industrial machinery segment held the largest share of 30% of the Internet of Things market by end user, in 2021. This is attributed to the rise of Industry 4.0, the need for accurate and precise production lines, to the growing demand for automated monitoring system in industries.

3. North America market held the largest market share of 35% in 2021. This is driven by growing demand for smart appliances, growth of government smart city and infrastructure projects, and increase IoT-based applications in the medical and agricultural sectors.

4. The advent of Industry 4.0 applications, the rise of big data, the growing research on artificial intelligence, machine learning and cloud computing, the rise of smart city projects and infrastructure by the government are the factors contributing to the growth of the Internet of Things market.

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Segmental analysis:

1. The Internet of Things market by offering has been segmented into hardware, software (integration software, endpoint detection and response software, predictive analytics software, others) and services (consulting service, support and maintenance, deployment and integration, managed service, professional service).

2. The Internet of Things market by application has been segmented into automated systems, data processing and management, security solution, remote monitoring system, real-time streaming, and others. The security solutions segment held the largest share of 25%, in 2021.

3. The Internet of Things Market by Geography is segmented into North America, Europe, Asia-Pacific (APAC), South America, and Rest of the World (RoW). North America held the largest Internet of Things market share with 35% of the total market size.

Competitive Landscape:

The top 5 players in the Internet of Things industry are –

1.Microsoft Corporation

2. Amazon Web Services

3.IBM Corporation

4.Google Inc.

5. Cisco Systems Inc.

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Related reports:

A. Internet of Things Artificial Intelligence (IoT AI) Market Forecast (2022-2027)
https://www.industryarc.com/Report/18533/internet-of-things-artificial-intelligence-market-research-report.html

B. Human Internet of Things (HIoT) Market Forecast (2022-2027)
https://www.industryarc.com/Report/17937/human-internet-of-things-hiot-market.html

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IndustryCRA
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